Schwarzenegger Proposes $12.4 Billion In Spending Cuts

California Gov. Arnold Schwarzenegger on Friday proposed another $12.4 billion in budget cuts to help close what he now said is a $19.1 billion deficit as he unveiled a revised budget plan for the 2010 – 11 fiscal year. “We are left with nothing but tough choices,” Schwarzenegger said at a press conference in Sacramento – Reuters